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Taiwan: Stocks up tracking regional markets; export orders in line

taiwan stocksphotoAFP.jpg

[TAIPEI] Taiwan stocks rose on Tuesday with gains in regional markets supporting buying at home even as export orders for May showed an expected fall.

As of 0156 GMT, the main Taiex index was up 0.6 per cent to 8,675.02 points, after closing up 0.7 per cent in the previous session.

The index last reached highs not seen in more than two months on June 8 when it closed around 8,715.

The electronics subindex rose 0.6 per cent, while the financials subindex gained 0.3 per cent.

Export orders, in figures that came out after the market closed Monday, fell for the 14th straight month in May sealing bets the central bank would ease interest rates at its policy meeting next week for the fourth time since September 2015.

However, the 5.8 per cent on-year fall last month was as expected. Tech shares posted gains with smartphone firm HTC up 3.4 per cent while electronics maker Hon Hai gained 0.6 per cent.

The Taiwan dollar softened T$0.009 to T$32.265 per US dollar.